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New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market Size:
The global chimeric antigen receptor (CAR-T) cell therapy market garnered revenue of approximately USD 1,000 million by the end of 2021. The market is expected to grow at a CAGR of ~30% over the forecast period, i.e., 2022 – 2031. The growth of the market can primarily be attributed to the growing prevalence of cancer cases and deaths across the globe. The International Agency for Research on Cancer (IARC) predicts that by the year 2040, global burden of cancer cases would increase by 27.5 million cancer diagnoses worldwide, and cancer death rates would experience a rise by 16.3 million. In addition to this, an increase in product approvals by The U.S. Food and Drug Administration makes the global chimeric antigen receptor (CAR-T) cell therapy market lucrative for investments by the key players. In the projected years, government support programs to raise public awareness of disease related treatments, and increasing health spending by nations across the globe are also estimated to accelerate the market growth.
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Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market: Key Takeaways
Enormous Upsurge in Cancer Cases across the Globe to Boost Market Growth
Globally increasing cases of cancer, awareness amongst cancer patients about early disease diagnosis, increasing health expenditure worldwide, and advancement in biotechnology & pharmaceuticals are estimated to be responsible towards the growth of the global chimeric antigen receptor (CAR-T) cell therapy market. It was observed that in 2018 there were 17 million new cancer cases and 9.5 million cancer deaths worldwide. It is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths simply because of the growth and aging of the population across the world.
In addition to this, growing economical spending towards cancer treatment and development of treatment procedures across various health sectors around the globe has been increasing throughout the years. It was noticed that in 2021, global oncology spending accounted to approximately USD 185 billion. To compare, the oncology spending stood at approximately USD 85 billion six years earlier. Moreover, increasing preference for CAR-T cell therapy amongst oncologists for individuals who are suffering from cancer is anticipated to bolster the market growth. The preference for this therapy can be attributed to the fact that this therapy shows prolonged durability against the cancer-causing cells and has fewer side effects. Hence, this is expected to significantly drive the global chimeric antigen receptor (CAR-T) cell therapy market growth.
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Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market: Regional Overview
The global chimeric antigen receptor (CAR-T) cell therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Prevalence of Cancer throughout the Region Drove Market in the North America Region
The chimeric antigen receptor (CAR-T) cell therapy market in the North America region is estimated to witness noteworthy growth over the forecast period. This growth can majorly be attributed to the rapid prevalence of cancer in the region. With that, cancer deaths are at quite a high rate throughout the region. According to the Centers for Disease Control and Prevention (CDCP), in the United States in 2019, 1,752,735 new cancer cases were reported and 599,589 people died of cancer. For every 100,000 people, 439 new cancer cases were reported and 146 people died of cancer. The mortality rate of cancer in the U.S. is 182.8 per 100,000 population. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to elevate the market growth.
Increasing Percentage of Health Expenditure in GDP to Favor Market Growth in Asia Pacific Region
On the other hand, market in the Asia Pacific region is anticipated to witness modest growth by growing at a higher CAGR over the forecast period. The growth of the market can primarily be associated with the growing prevalence of cancer in the region, and rising awareness about treatment options among regional population. The increasing health expenditure in the region, and support initiatives taken by government to spread awareness among people are estimated to boost the growth of the chimeric antigen receptor (CAR-T) cell therapy market. As per The World Bank, in the year 2019, share of global health expenditure in East Asia & Pacific region accounted to 6.67% of GDP.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market, Segmentation by Application
The cancer segment is estimated to have the largest share in the market during the forecast period. The growing prevalence of cancer cases worldwide, technological advancements in cancer therapy, and the rise in the number of cell therapy treatment are anticipated to drive the growth of the cancer segment in the projected years. According to the World Health Organization (WHO), the most recurrent cases of deaths because of cancer were lung cancer which caused 1.80 million deaths, colon and rectum cancer which caused 916 000 deaths, liver cancer which caused 830 000 deaths, stomach cancer which caused 769 000 deaths, and breast cancer which caused 685 000 deaths.
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Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market, Segmentation by End-User
The hospitals segment is estimated to hold a substantial market share in the global chimeric antigen receptor (CAR-T) cell therapy market during the forecast period. The growth of the segment can be accredited to the existence of a huge patient pool in a hospital facility. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of the market. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market, Segmentation by Type
Few of the well-known market leaders in the global chimeric antigen receptor (CAR-T) cell therapy market that are profiled by Kenneth Research are Fate Therapeutics, Novartis AG, Amgen Inc., Bristol-Myers Squibb Company, Sorrento Therapeutics, Inc., Gilead Sciences, Inc., bluebird bio, Inc., Immune Therapeutics, INC., Bellicum Pharmaceuticals, Inc., Pfizer Inc. and others.
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Recent Developments in the Global Chimeric Antigen Receptor (CAR-T) Cell Therapy Market
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